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Insurance Companies Act

Version of section 595 from 2003-01-01 to 2009-12-31:


Marginal note:Restriction of claims

 The liability of a foreign company under a policy in Canada or for an amount in respect of which a segregated fund is maintained pursuant to section 593

  • (a) does not, except to the extent that the assets of the fund are insufficient to satisfy a claim for any minimum amount that the foreign company agrees to pay under the policy or in respect of the amount, give rise to a claim against any assets in Canada of the foreign company, other than the assets of that fund,

but

  • (b) to the extent that the assets of the fund are insufficient to satisfy such a claim, gives rise to a claim against the assets in Canada of the foreign company, other than the assets of that fund, that has the priority referred to in subsection 161(2) of the Winding-up and Restructuring Act.

  • 1991, c. 47, s. 595
  • 1996, c. 6, s. 167
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